Focus twice-monthly English-language supplement to the daily Focus business newspaper
# 13 (14) November 17, 2009
pages 6-7
Editorial tel.: (727) 3888 133
Eurasian Bank Growing, Looking for Opportunities, New Leader Says
Michael Eggleton, the new chairman of Eurasian Bank, has more than two decades of experience in developing financial businesses in emerging markets. The bank’s board is counting on him to help Eurasian become one of the top five financial institutions in Kazakhstan and to go global. The bank is on the move, recently moving up from Number 9 in the country to Number 7. Eggleton, an American with a lot of experience in the former Soviet Union, spoke about the challenges in a recent interview.
Question: In the wake of the banking crisis, Kazakhstan will be toughening its financial-market regulation. What’s your view of the current level of regulation?
Answer: Kazakhstan began dealing with the crisis earlier than many countries. At first it was hard for regulators to get a grasp of the situation, since it was complicated by that fact that Kazakh banks had borrowed a lot of money from abroad to extend loans for real estate projects. By doing so the banks helped create a bubble in the property market. The situation was worsened by the huge number of borrowers who ended up being unable to repay their debts. It’s important that both banks and regulators pursue balanced policies in regard to such borrowers.
It seems to me that when the government first looked at options for dealing with the financial crisis, it had three possible solutions.
The first was to shore up the banking sector and small and medium-sized businesses, making as little to-do about it as possible. This option involved the possibility of the government intervening in a number of banks’ operations. It would have required massive amounts of money to support all the shaky financial institutions.
The second option was for the government to do nothing. It could have said that since this is a free-market economy, the players themselves are responsibile for doing what is necessary to save their businesses. This option was acceptable only if one -- or a maximum of two or three -- financial institutions were in dire straits. The scale of this crisis was too large for this option to be acceptable, however.
The third option was a blend of the first and second. The government would support only the backbone financial institutions whose influence reverberates across the entire financial sector. This is the option that the Kazakh government is currently pursuing. The actions it is taking are rational and well-balanced, it seems to me, although it will be years before it becomes clear whether the choice was correct.
This option also requires extensive financing. The problem is that Kazakhstan’s financial resources are limited, unlike in the United States, China or Europe, which possess massive resources. Besides, it’s important to keep in mind that Kazakhstan should preserve part of its financial resources to support future projects.
The bottom line, I think, is that the actions we are seeing regulators take now are balanced and the available resources are being used rationally.
Q.: Are you suggesting that the level of regulation in Kazakhstan was the same as in the West and that Kazakh regulators could have done nothing to prevent the crisis?
A.: It’s impossible to make comparisons like that because the systems are totally different. Regulators here are trying to solve the problem resulting from banks borrowing excessively. They are trying to decrease the level of debt by means that include writing it off or restructuring it.
In the next three to 12 months, I think, we’ll continue to see a rather chaotic situation in the market because so far regulators have taken only the first steps. We’ll see where this leads. If the prices of the natural resources that Kazakhstan relies on are not falling, then we’ll be experiencing growth. We can also expect investors to return to Kazakhstan’s market. They are keeping a close eye on the situation now as corporations and financial institutions begin shoring up their balance sheets and lowering their debts.
In general I would note that regulators’ actions have been timely, although they are in a difficult decision-making position because right now it’s unclear where the decisions will lead.
Q: If regulators were powerless to prevent the crisis, is there any hope that the measures they’re taking now will be effective? Maybe this has nothing to do with them. Maybe other factors are playing the decisive role -- for instance, the global market or the personal responsibility of top managers.
A: This question has been asked around the world. And there is only one thing to say about it: The responsibility for the crisis falls on everyone -- bankers, investors, regulators.
The work of the regulators who are trying to find a way out of the situation is harder than that of all the rest of the players, however. The others should not be relieved of their responsibility, of course – neither the bankers who were borrowing excessively nor the investors who were investing in risky schemes.
The important thing now is to make decisions quickly and learn the lessons from the financial crisis to prevent it from recurring. History has shown that no financial crisis has ever been like the previous one, though, so we need to be ready to face new challenges. Each and every one should understand their responsibility to others in these situations.
Q.: Many banks have cut staff since the financial crisis began. What’s been the situation at Eurasian Bank?
A.: In the past 20 months the bank has increased its staff by 50 percent because it’s been growing despite the crisis. It’s possible that after a thorough analysis of our situation, we might make some structural changes in the bank or even reduce staff slightly. But the purpose of any cuts would be maximizing efficiency, not reducing expenses because of the crisis. The number of people the bank employs in the future will depend largely on acquisitions we’re considering making. This may involve mergers or it may involve acquiring subsidiaries. One thing is certain: Nothing is going to happen fast.
Q.: What are your acquisition plans?
A.: Our plans are to become one of the top five banks in Kazakhstan. This means not only internal growth, but perhaps acquiring other banks as well. Any deals will depend on many factors, including price and a deal’s impact on the bank, its clients and shareholders. But generally speaking, acquisitions are a good way to expand the bank right now.
Q.: When BTA Bank started having problems, rumors surfaced that Eurasian Bank was ready to obtain a stake in it. What banks would Eurasian Bank be interested in acquiring?
A.: I can’t give you the details of our plans now. But I can say that what’s important when considering a purchase are the quality of the bank’s portfolio and the quality of its assets.
Q.: Are your acquisition intentions near-term or long-term?
A.: The next year to 18 months is a good time for acquisitions. But we won’t acquire any financial institutions that could saddle our bank with insurmountable problems or hinder its development.
Q.: What ways besides acquisitions are you considering using to help the bank grow?
A.: Eurasian Bank has proven its reliability and stability during the crisis. It has always pursued moderate, conservative borrowing and lending policies. But it’s quite possible we’ll be borrowing in the domestic market.
The funds we would raise this way would be distributed mostly among our corporate clients and used for developing our network. We would also be working with small and medium-sized businesses, but this focus would be secondary to the first two.
Let me point out that many players in the market are narrowing their business instead of expanding it these days.
Q.: If you’re going to focus on corporate clients, does this mean you’ll be intensifying your competition with other large banks that are strong in the corporate sector? Every bank has its own, often affiliated corporate clients. And the big players have pretty much carved up this market already.
A.: This is the charm of the crisis: Large banks are having to spend most of their resources paying off foreign debt. With limited resources, they can’t lend their clients as much as they used to. Because of this, companies are changing banks, shifting to those that are capable of providing them with the funds they need. We have a good liquidity level and we’re actively lending. With this advantage we won’t have much trouble attracting an additional $1 billion in assets – a level that would put Eurasian Bank in the top five in Kazakhstan. Part of the reason I say that is that our bank is a large, serious corporation with a good reputation.
Q.: How much will you need to increase deposits and lending to large clients in order for you to raise an additional $1 billion?
A.: It’s impossible to forecast now, but most of the money will come from lending to corporate clients. In addition, we expect significant growth in our deposits. We also expect to obtain revenue from serving our existing clients, both inside and outside the group. I’ve also spoken about our potential plans to acquire a bank. With our resources, and with the opportunities provided by the domestic capital market, we expect the bank to grow.
As for our plans to purchase assets outside the bank, it isn’t difficult to find financial institutions with assets. The issue is not the quantity, but the quality of assets. Our goal is not just to report figures on paper high enough to get us into the top five, but to create a steady base of assets, which lowers our risks.
According to our internal targets, 20 percent of the $1 billion would come from liquid assets, such as deposits, and interbank lending. The corporate sector would account for 60 percent, and the other 20 percent would come from small and medium-sized businesses and retail banking (accounts of individuals).
Q.: What are the business sectors that Eurasian Bank is primarily interested in?
A.: I’m not concerned about which sector a company is in, but only about the company’s financial stability. The strongest sectors today are the industrial sector, natural resources, energy and agriculture. In addition, there are projects the government supports.
Q.: So the bank is not going to focus on the real estate sector?
A.: The bank is not going to abandon this sector completely. But now it is hard to understand and forecast prices so we won’t be taking risks for the time being. As soon as the situation in the real estate market becomes clear, our bank will provide services in this sector as well. As for the construction sector, the question is whether projects will be viable and whether they will be financially stable. We won’t be giving up projects proposed by the Samruk-Kazyna Fund, either. (This government fund puts money in projects it believes will both help the economy recover and benefit society.)
Q.: Usually the new head of a bank is given a set of goals. Have you been given such goals?
A.: These days we’re talking something broader than mere financial indicators. Eurasian Bank is strong, and we’re considering an expansion strategy that will globalize the business. My relations with the bank’s shareholders were established years ago, starting with the initial public offering of Eurasian Natural Resources Corporation, where I was an independent board director. (Eurasian Bank and Eurasian Natural Resources Corporation have had longstanding ties.) So we have known each other for a long time already.
It’s now important for us to pursue transparency in the bank and ensure its growth and expansion. Now is the best time to do it. If the bank can come up with a formula for proper returns and high efficiency, I’m sure the shareholders will receive a good return on investment.
Q.: Why have you moved so much from country to country in the past 20 years?
A.: In fact this was mostly traveling for the company where I was working at the time. Eurasian Group is the fifth company I’ve worked for in 20 years. I began working at Pricewaterhouse Coopers in 1989. I was married and in 1993 the company asked me to move to Moscow to work in a bank. My wife and I were young, and the idea of living in another country was interesting, so we agreed. I understood that I was not going to do one and the same thing till the end of my life. This is how my career in the banking system started. I joined Credit Suisse First Boston in 1995.
Five years later, at the end of 1999, I was heading all of that bank’s business in the Commonwealth of Independent States. Then I was asked to work in Istanbul. About the same time, trouble surfaced in their bank in Egypt, and I was asked to go there to set things right and do a restructuring. After I completed the job, I was offered a position in London, heading operations in 40 countries that were part of one system – from South America to Asia.
In 2004 I was invited to join Merrill Lynch, where I headed the emerging-market business. After awhile the company asked me to restructure its operation in Russia. I became chief executive offer of Trust Investment Bank in Russia in 2006. It was when I was working in Moscow that Eurasian Natural Resources Corporation’s shareholders asked me to become part of the corporation’s board of directors. That led to my accepting the offer to head Eurasian Bank and to work in this market of many opportunities.
I’ve worked in many cities not just for the business opportunities but also because of my desire to work in developing countries, to take part in establishing businesses amid new conditions. This is my strong side; I like this work a lot. My wife supports me in this, and she has been with me everywhere, so I’m a happy man. This has also given our children an opportunity to know and see more. We have a lot of friends all over the world. And my two kids speak Russian fluently.
Q.: You said you’ve put things right several times in one place or another and taken part in several restructurings. Would you call yourself a crisis manager?
A.: In the 20 years I’ve been traveling to different countries, five or six times I’ve had to set things in order at financial institutions after serious crises. Even at the very beginning of my career in the United States, my first project at Pricewaterhouse Coopers was restructuring banks during the savings and loan crisis in 1989. These efforts give you immense experience. The important thing in these situations is arriving at a formula that combines protecting what you have and searching for new opportunities.
Background
Michael Eggleton has spent two decades as a financial professional in the United States, the United Kingdom, Turkey and Russia.
Before joining Russia’s Trust Investment Bank in August of 2006, he was with Credit Suisse First Boston and Merrill Lynch.
He was managing director of Credit Suisse’s Russia, Turkey and North Africa operations before becoming head of its Tactical Markets Group, where he oversaw equity and debt investments in developing markets across the globe.
Then he became managing director of Merrill Lynch’s emerging-market business, working in London and Moscow.
In addition to giving up his position with Trust Investment Bank to come to Almaty, Eggleton gave up a director’s position with one of Kazakhstan’s largest companies, Eurasian Natural Resources Corporation.
He was an independent non-executive director of the company from the time of its initial public offering of stock in 2007 until August of this year.
Tuesday, November 24, 2009
Friday, November 20, 2009
Новый курс тенге - статья Reuters с параллельным русским текстом
Kazakh central bank sets new tenge guidance
Казахстанский Центробанк принимает новые руководящие принципы в отношении тенге
Kazakhstan's central bank has bought more than $2.5 billion since last week to slow the appreciation of the tenge and will intervene more if the rate goes beyond 147.5 against the dollar, it said on Wednesday.
Центральный Банк Казахстана купил более $2.5 миллиардов на прошлой неделе, чтобы замедлить ревальвацию тенге; и его интервенция будет еще более активной, если курс упадет ниже 147.5 тенге за доллар, - сообщил Национальный банк в среду.
The tenge started appreciating against the dollar a week ago after central bank chairman Grigory Marchenko said such a move was justified by fundamentals including oil prices. It has firmed to 149.14 now from 150.69 on November 11.
Тенге начал укрепляться по отношению к доллару на прошлой неделе, когда председатель Центробанка Григорий Марченко заявил, что подобный шаг оправдан фундаментальными (аналитическими) показателями, в том числе ценой нефти. Сейчас курс закрепился на отметке 149.14 тенге за доллар, тогда как 11ноября он составлял 150.69.
'We... had to buy over $2 billion to stop the tenge from appreciating too fast,' Marchenko told a web conference, adding that about a quarter of that sum had come from foreign players.
He said later in the day that the regulator bought a further $500 million on the foreign exchange market on Wednesday alone to slow the appreciation of the tenge.
«Нам пришлось купить более $2 миллиардов, чтобы остановить слишком быстрое укрепление тенге, - заявил Марченко в ходе Интернет-конференции, добавив, что порядка ¼ этой суммы куплена у иностранных игроков.
Позже в тот же день он сообщил, что за одну только среду регулятор купил еще $500 миллионов на фондовой бирже в целях замедления ревальвации.
Like Russia's rouble and other currencies in resource-driven economies, the tenge has come under appreciation pressure from foreign investors keen to cash in on higher oil prices.
Как в случае с российским рублем и другими валютами стран, добывающих природные богатства, иностранные инвесторы, желающие обогатиться на более высоких ценах на нефть, толкают тенге к ревальвации.
In the past Kazakhstan has often moved to adjust its policy in line with Russia's footsteps, devaluing the tenge in February this year following several months of rouble devaluation.
В прошлом Казахстан часто равнял свою политику на Россию, девальвировав тенге в феврале этого года после нескольких месяцев девальвации рубля.
So far Russia, unlike Kazakhstan, has allowed the rouble to appreciate gradually, adding some 9 percent versus the dollar since September. Investors are now betting that Kazakhstan could follow suit in early 2010.
This month, Marchenko said the trading band could be widened in 2010 to allow more upside.
С тех пор Россия, в отличие от Казахстана, позволила постепенную ревальвацию рубля: валюта прибавила 9% по отношению к доллару с сентября. Сейчас инвесторы полагают, что Казахстан может последовать ее примеру в начале 2010 г. В этом месяце Марченко заявил, что валютный коридор может быть расширен в 2010 г, чтобы позволить укрепление курса.
On Wednesday, he said the central bank would allow further appreciation but would intervene more heavily if the tenge moved beyond 147.5-148.0 per dollar to protect the competitiveness of the Kazakh economy.
'The tenge may appreciate by 1-2 percent without hurting economic competitiveness,' Marchenko said.
В среду он заявил, что Центробанк позволит дальнейшее укрепление, но вмешается, если тенге дойдет до отметки 147.5-148.0 за доллар, чтобы защитить конкурентоспособность казахстанской экономики. «Тенге может укрепиться на 1-2%, не ударив по конкурентоспособности экономики», - заявил Марченко.
Crisis-hit Kazakhstan moved to devalue the tenge in February after a slump in oil prices and devaluations in other ex-Soviet countries. It then established a trading band of 145-155 tenge per dollar saying it would be maintained throughout 2009.
Испытавший на себе удары кризиса, Казахстан решился на девальвацию тенге в феврале – после падения цены нефти и девальвации валют других бывших советских стран. Затем был установлен коридор в пределах 145-155 тенге за доллар, который должен был поддерживаться в течение всего 2009 г.
In other emerging markets, the weak dollar has prompted countries to look for new ways to cushion their economies, with Brazil introducing a tax on foreign investment in its fixed income and stock markets. Kazakhstan has introduced legislation allowing it to enforce capital controls if deemed necessary but so far the authorities have not used the option.
На других развивающихся рынках слабый доллар вынуждал страны искать новые способы защиты своих экономик; так, например, Бразилия ввела налог на иностранные инвестиции на рынках инструментов с фиксированным доходом и на рынках акций. Казахстан принял закон, позволяющий усиливать контроль над капиталом в случае необходимости, но пока власти не пользовались этой возможностью.
Marchenko told reporters separately later in the day that the central bank was prepared to punish foreign players to prevent its tenge currency from appreciating too fast. 'They (foreign players) will be able to earn some money,' he said. 'But we won't allow them to gain a lot.'
Марченко отдельно заявил репортерам в тот же день, что Центробанк готов наказывать иностранных игроков, чтобы предотвратить слишком быстрое укрепление тенге. «Иностранные игроки смогут заработать деньги. Но мы не позволим им взять много».
Казахстанский Центробанк принимает новые руководящие принципы в отношении тенге
Kazakhstan's central bank has bought more than $2.5 billion since last week to slow the appreciation of the tenge and will intervene more if the rate goes beyond 147.5 against the dollar, it said on Wednesday.
Центральный Банк Казахстана купил более $2.5 миллиардов на прошлой неделе, чтобы замедлить ревальвацию тенге; и его интервенция будет еще более активной, если курс упадет ниже 147.5 тенге за доллар, - сообщил Национальный банк в среду.
The tenge started appreciating against the dollar a week ago after central bank chairman Grigory Marchenko said such a move was justified by fundamentals including oil prices. It has firmed to 149.14 now from 150.69 on November 11.
Тенге начал укрепляться по отношению к доллару на прошлой неделе, когда председатель Центробанка Григорий Марченко заявил, что подобный шаг оправдан фундаментальными (аналитическими) показателями, в том числе ценой нефти. Сейчас курс закрепился на отметке 149.14 тенге за доллар, тогда как 11ноября он составлял 150.69.
'We... had to buy over $2 billion to stop the tenge from appreciating too fast,' Marchenko told a web conference, adding that about a quarter of that sum had come from foreign players.
He said later in the day that the regulator bought a further $500 million on the foreign exchange market on Wednesday alone to slow the appreciation of the tenge.
«Нам пришлось купить более $2 миллиардов, чтобы остановить слишком быстрое укрепление тенге, - заявил Марченко в ходе Интернет-конференции, добавив, что порядка ¼ этой суммы куплена у иностранных игроков.
Позже в тот же день он сообщил, что за одну только среду регулятор купил еще $500 миллионов на фондовой бирже в целях замедления ревальвации.
Like Russia's rouble and other currencies in resource-driven economies, the tenge has come under appreciation pressure from foreign investors keen to cash in on higher oil prices.
Как в случае с российским рублем и другими валютами стран, добывающих природные богатства, иностранные инвесторы, желающие обогатиться на более высоких ценах на нефть, толкают тенге к ревальвации.
In the past Kazakhstan has often moved to adjust its policy in line with Russia's footsteps, devaluing the tenge in February this year following several months of rouble devaluation.
В прошлом Казахстан часто равнял свою политику на Россию, девальвировав тенге в феврале этого года после нескольких месяцев девальвации рубля.
So far Russia, unlike Kazakhstan, has allowed the rouble to appreciate gradually, adding some 9 percent versus the dollar since September. Investors are now betting that Kazakhstan could follow suit in early 2010.
This month, Marchenko said the trading band could be widened in 2010 to allow more upside.
С тех пор Россия, в отличие от Казахстана, позволила постепенную ревальвацию рубля: валюта прибавила 9% по отношению к доллару с сентября. Сейчас инвесторы полагают, что Казахстан может последовать ее примеру в начале 2010 г. В этом месяце Марченко заявил, что валютный коридор может быть расширен в 2010 г, чтобы позволить укрепление курса.
On Wednesday, he said the central bank would allow further appreciation but would intervene more heavily if the tenge moved beyond 147.5-148.0 per dollar to protect the competitiveness of the Kazakh economy.
'The tenge may appreciate by 1-2 percent without hurting economic competitiveness,' Marchenko said.
В среду он заявил, что Центробанк позволит дальнейшее укрепление, но вмешается, если тенге дойдет до отметки 147.5-148.0 за доллар, чтобы защитить конкурентоспособность казахстанской экономики. «Тенге может укрепиться на 1-2%, не ударив по конкурентоспособности экономики», - заявил Марченко.
Crisis-hit Kazakhstan moved to devalue the tenge in February after a slump in oil prices and devaluations in other ex-Soviet countries. It then established a trading band of 145-155 tenge per dollar saying it would be maintained throughout 2009.
Испытавший на себе удары кризиса, Казахстан решился на девальвацию тенге в феврале – после падения цены нефти и девальвации валют других бывших советских стран. Затем был установлен коридор в пределах 145-155 тенге за доллар, который должен был поддерживаться в течение всего 2009 г.
In other emerging markets, the weak dollar has prompted countries to look for new ways to cushion their economies, with Brazil introducing a tax on foreign investment in its fixed income and stock markets. Kazakhstan has introduced legislation allowing it to enforce capital controls if deemed necessary but so far the authorities have not used the option.
На других развивающихся рынках слабый доллар вынуждал страны искать новые способы защиты своих экономик; так, например, Бразилия ввела налог на иностранные инвестиции на рынках инструментов с фиксированным доходом и на рынках акций. Казахстан принял закон, позволяющий усиливать контроль над капиталом в случае необходимости, но пока власти не пользовались этой возможностью.
Marchenko told reporters separately later in the day that the central bank was prepared to punish foreign players to prevent its tenge currency from appreciating too fast. 'They (foreign players) will be able to earn some money,' he said. 'But we won't allow them to gain a lot.'
Марченко отдельно заявил репортерам в тот же день, что Центробанк готов наказывать иностранных игроков, чтобы предотвратить слишком быстрое укрепление тенге. «Иностранные игроки смогут заработать деньги. Но мы не позволим им взять много».
Thursday, November 12, 2009
Казахстан планирует выпуск облигаций в иностранной валюте - статья Financial Times - с параллельным русским
Kazakhstan plans foreign bond
Казахстан планирует выпуск облигаций в иностранной валюте
By David Oakley
Kazakhstan is to launch its first international bond in a decade to bolster its public finances and set a benchmark for companies to return to the capital markets.
Kazakhstan, which last issued a bond aimed at international investors in 2000, plans to issue about $500m in dollar-denominated securities early next year.
Впервые за десять лет Казахстан выпустит ориентированные на международный рынок облигации, чтобы укрепить состояние государственных финансов и установить ориентир для возвращения компаний на рынки капитала.
Казахстан, в последний раз выпускавший облигации для иностранных инвесторов в 2000 г, планирует выпуск деноминированных в американских долларах ценных бумаг в объеме $500 миллионов в начале следующего года.
A sovereign bond will help companies raise money in the markets as investors are more likely to buy corporate debt when there is a benchmark government bond to compare prices and yields against.
The central Asian country is seeking to take advantage of the surge in demand for emerging market debt, which has depressed the cost of borrowing for emerging market sovereigns and companies.
Облигации государственного займа помогут компаниям мобилизовать капитал на рынках, поскольку инвесторы более расположены к покупке корпоративных долговых ценных бумаг в случае наличия «эталонной» правительственной облигации, с которой можно сравнивать их цену и доходность.
Центрально-азиатская страна стремится выгодно воспользоваться резким ростом спроса на долговые бумаги развивающихся стран; увеличение спроса снизило стоимость заимствования для правительств и компаний из развивающихся стран.
Emerging market sovereign bond yield spreads have narrowed to 300 basis points over US Treasuries, the international benchmark for debt, from 700bp in late February.
Many other emerging market sovereigns have also started tapping the bond markets with issuance soaring to $72bn since the turn in the markets in March, according to Dealogic. There was little issuance at the start of the year and only one emerging market deal in 2008 after the collapse of Lehman Brothers in September.
Спрэд между доходностью облигаций госзайма в развивающихся странах и казначейскими ЦБ США (являющимися международным ориентиром для облигаций) сократился до 300 базовых пунктов с 700 базисных пунктов на конец февраля.
По данным Dealogic, многие другие правительства развивающихся стран тоже начали опробовать рынки облигаций, эмитировав с момента выхода на рынок в марте облигации в объеме $72 миллиардов. В начале года эмиссия была несущественной, а в 2008 г – после падения Lehman Brothers в сентябре - на развивающихся рынках была заключена лишь одна такая сделка.
Russia, Kazakhstan’s biggest trading partner, recently announced plans to sell new foreign debt for the first time since 1998. Russia has signalled it plans to raise up to $18bn in dollar denominated securities in the first quarter of next year.
Bankers say even countries such as Angola, one of the most risky sovereign investments, may start issuing next year in a sign of this increasing appetite in emerging market bonds.
Россия – крупнейший торговый партнер Казахстана – недавно огласила план продажи первых с 1998 г облигаций в иностранной валюте. Россия планирует в первом квартале следующего года мобилизовать посредством эмиссии деноминированных в долларах США ценных бумаг порядка $18 миллиардов.
Банкиры отмечают, что даже такие страны как Ангола, где предложенные правительством объекты инвестирования относятся к наиболее рисковым, могут начать эмиссии в следующем году с учетом растущих аппетитов к облигациям развивающихся рынков.
For Kazakhstan specifically, the move to issue bonds highlights a big change in sentiment. Earlier this year, the country was still struggling to prop up its beleaguered banking system, which came close to breaking down because of the seizing up of the credit markets.
The country has spent $19bn, or 14 per cent of its gross domestic product, propping up its banking system since the end of 2007. The government was forced to take over the country’s largest lender BTA Bank in February.
В частности для Казахстана решение об эмиссии облигаций свидетельствует о разительной перемене настроений. Ранее в этом году страна с трудом поддерживала «осажденную» банковскую систему, близкую к крушению из-за замораживания кредитных рынков.
С конца 2007 страна истратила порядка $19 миллиардов (14% ВВП) на поддержку банковской системы. В феврале правительству пришлось взять контроль над крупнейшим банком страны – БТА.
In the credit default swaps market, the annual cost of insuring Kazakhstan debt against default, has fallen to €245,000 ($367,000) for every €10m of debt over five years from €1.63m in late February, when the central bank was forced to devalue its currency, the tenge.
The central bank is now suggesting the trading band against the dollar could be widened, enabling the currency to appreciate.
На рынке кредитно-дефолтных свопов годовая стоимость страховки казахстанских долговых обязательств от дефолта сократилась до €245 000 ($367 000) на каждые €10 миллионов долга на пятилетний срок с €1.63 миллиона на конец февраля, когда Центробанк был вынужден провести девальвацию национальной валюты тенге.
Сейчас Центробанк предлагает расширить валютный коридор по отношению к доллару, дав возможность ревальвации валюты.
Kazakhstan’s economy is growing again with third quarter gross domestic product up 1.5 per cent on the previous quarter. The current account also went back into surplus in the third quarter after two quarters of deficits.
Kazakhstan’s economy shrank 2.3 per cent in the first half of the year as the global credit squeeze forced banks to restructure debt to avert bankruptcy.
Казахстанская экономика вновь демонстрирует рост; в третьем квартале ВВП увеличился на 1,5% по сравнению с предыдущим кварталом. После двух кварталов дефицита текущий платежный баланс демонстрирует профицит.
В первом полугодии экономика Казахстана сократилась на 2,3%, поскольку мировой дефицит кредитных ресурсов заставил банки реструктуризировать долг, чтобы избежать банкротства.
Казахстан планирует выпуск облигаций в иностранной валюте
By David Oakley
Kazakhstan is to launch its first international bond in a decade to bolster its public finances and set a benchmark for companies to return to the capital markets.
Kazakhstan, which last issued a bond aimed at international investors in 2000, plans to issue about $500m in dollar-denominated securities early next year.
Впервые за десять лет Казахстан выпустит ориентированные на международный рынок облигации, чтобы укрепить состояние государственных финансов и установить ориентир для возвращения компаний на рынки капитала.
Казахстан, в последний раз выпускавший облигации для иностранных инвесторов в 2000 г, планирует выпуск деноминированных в американских долларах ценных бумаг в объеме $500 миллионов в начале следующего года.
A sovereign bond will help companies raise money in the markets as investors are more likely to buy corporate debt when there is a benchmark government bond to compare prices and yields against.
The central Asian country is seeking to take advantage of the surge in demand for emerging market debt, which has depressed the cost of borrowing for emerging market sovereigns and companies.
Облигации государственного займа помогут компаниям мобилизовать капитал на рынках, поскольку инвесторы более расположены к покупке корпоративных долговых ценных бумаг в случае наличия «эталонной» правительственной облигации, с которой можно сравнивать их цену и доходность.
Центрально-азиатская страна стремится выгодно воспользоваться резким ростом спроса на долговые бумаги развивающихся стран; увеличение спроса снизило стоимость заимствования для правительств и компаний из развивающихся стран.
Emerging market sovereign bond yield spreads have narrowed to 300 basis points over US Treasuries, the international benchmark for debt, from 700bp in late February.
Many other emerging market sovereigns have also started tapping the bond markets with issuance soaring to $72bn since the turn in the markets in March, according to Dealogic. There was little issuance at the start of the year and only one emerging market deal in 2008 after the collapse of Lehman Brothers in September.
Спрэд между доходностью облигаций госзайма в развивающихся странах и казначейскими ЦБ США (являющимися международным ориентиром для облигаций) сократился до 300 базовых пунктов с 700 базисных пунктов на конец февраля.
По данным Dealogic, многие другие правительства развивающихся стран тоже начали опробовать рынки облигаций, эмитировав с момента выхода на рынок в марте облигации в объеме $72 миллиардов. В начале года эмиссия была несущественной, а в 2008 г – после падения Lehman Brothers в сентябре - на развивающихся рынках была заключена лишь одна такая сделка.
Russia, Kazakhstan’s biggest trading partner, recently announced plans to sell new foreign debt for the first time since 1998. Russia has signalled it plans to raise up to $18bn in dollar denominated securities in the first quarter of next year.
Bankers say even countries such as Angola, one of the most risky sovereign investments, may start issuing next year in a sign of this increasing appetite in emerging market bonds.
Россия – крупнейший торговый партнер Казахстана – недавно огласила план продажи первых с 1998 г облигаций в иностранной валюте. Россия планирует в первом квартале следующего года мобилизовать посредством эмиссии деноминированных в долларах США ценных бумаг порядка $18 миллиардов.
Банкиры отмечают, что даже такие страны как Ангола, где предложенные правительством объекты инвестирования относятся к наиболее рисковым, могут начать эмиссии в следующем году с учетом растущих аппетитов к облигациям развивающихся рынков.
For Kazakhstan specifically, the move to issue bonds highlights a big change in sentiment. Earlier this year, the country was still struggling to prop up its beleaguered banking system, which came close to breaking down because of the seizing up of the credit markets.
The country has spent $19bn, or 14 per cent of its gross domestic product, propping up its banking system since the end of 2007. The government was forced to take over the country’s largest lender BTA Bank in February.
В частности для Казахстана решение об эмиссии облигаций свидетельствует о разительной перемене настроений. Ранее в этом году страна с трудом поддерживала «осажденную» банковскую систему, близкую к крушению из-за замораживания кредитных рынков.
С конца 2007 страна истратила порядка $19 миллиардов (14% ВВП) на поддержку банковской системы. В феврале правительству пришлось взять контроль над крупнейшим банком страны – БТА.
In the credit default swaps market, the annual cost of insuring Kazakhstan debt against default, has fallen to €245,000 ($367,000) for every €10m of debt over five years from €1.63m in late February, when the central bank was forced to devalue its currency, the tenge.
The central bank is now suggesting the trading band against the dollar could be widened, enabling the currency to appreciate.
На рынке кредитно-дефолтных свопов годовая стоимость страховки казахстанских долговых обязательств от дефолта сократилась до €245 000 ($367 000) на каждые €10 миллионов долга на пятилетний срок с €1.63 миллиона на конец февраля, когда Центробанк был вынужден провести девальвацию национальной валюты тенге.
Сейчас Центробанк предлагает расширить валютный коридор по отношению к доллару, дав возможность ревальвации валюты.
Kazakhstan’s economy is growing again with third quarter gross domestic product up 1.5 per cent on the previous quarter. The current account also went back into surplus in the third quarter after two quarters of deficits.
Kazakhstan’s economy shrank 2.3 per cent in the first half of the year as the global credit squeeze forced banks to restructure debt to avert bankruptcy.
Казахстанская экономика вновь демонстрирует рост; в третьем квартале ВВП увеличился на 1,5% по сравнению с предыдущим кварталом. После двух кварталов дефицита текущий платежный баланс демонстрирует профицит.
В первом полугодии экономика Казахстана сократилась на 2,3%, поскольку мировой дефицит кредитных ресурсов заставил банки реструктуризировать долг, чтобы избежать банкротства.
Полезные ссылки
Весьма интересный англо-русский/русско-английский словарик "необычных выражений и красивых переводческих решений", созданный на основе материалов сайта ИноСМИ.Ru http://kirilleltsov.narod.ru/curiouserlist.html
Wednesday, November 11, 2009
В Британии средний класс крадет продукты в магазинах - статья Times с русскоязычными "подсказками"
How the middle class are shoplifting (крадут из магазинов) to keep up appearances (делая вид, что ничего не произошло)
Middle-class shoppers who have been hit by the recession (по которым ударил финансовый кризис) are stealing hundreds of millions of pounds of expensive food in an effort to maintain their high standard of living (в попытке поддержать высокий уровень жизни), according to a new survey (по данным нового исследования).
Quality cuts of meat, fresh fish and high-priced cheeses are being taken by mostly middle-class women from speciality food (деликатесные продукты) and convenience shops, where thefts (кражи) have risen sharply (резко) in the past year. Thousands of retailers have found that luxury foods are being stolen for individual use rather than to be sold on (для личного использования, а не для перепродажи).
The information comes from more than 42,000 shops in Europe with combined sales (общим объемом продаж) of £262 billion, who were questioned (которые были опрошены) by the Centre for Retail Research, an independent organisation.
They found that shoplifting (магазинные кражи) in Britain has increased in the past year by nearly 20 per cent to almost £5 billion, £750 million more than in 2008, keeping Britain at the top of Europe’s shoplifting table (рейтинг по количеству магазинных краж). Clothing and fashion accessory shops were hardest hit, with branded designer goods high on thieves’ shopping lists (причем дизайнерская одежда возглавляет воровской список), closely followed by DIY stores (магазины «сделай сам»).
Neil Matthews, vice-president of Checkpoint Systems, said that he was astonished (поражен) at the rise of middle-class shoplifters. “We are not simply looking at your traditional shoplifters here. We are seeing more instances (случаев) of amateur thieves (воров-любителей) stealing goods for their own personal use rather than ( а не) to sell on than before,” he said.
“This is epitomised (это ярко видно) in the recent uprising (рост/подъем) of the middle-class shoplifter, someone who has turned to theft to sustain their standard of living (тех, кто прибегает к краже для поддержания уровня жизни). I suppose people want to carry on with their lifestyle (хотят продолжать свой образ жизни) but cannot afford (позволить себе) the expensive cheeses, fresh cuts of meat or nice fish that they used to be able to afford (которые они раньше могли себе позволить) and now they just take it. This is the first year we have seen a huge rise (огромное увеличение) in theft of these items (товаров) and we are being told it is for their own consumption (собственного потребления) rather than to sell on.”
He added: “The UK’s retail industry has seen its largest ever increase in shoplifting over the last 12 months, and it comes at a time when the industry can least afford it.” (розничная торговля столкнулась с самым резким за 12 месяцев ростом магазинных краж, и произошло это, когда этот сектор меньше всего может себе это позволить)
The report, which surveyed (в котором исследовано) more than 1,000 retailers worldwide with sales of £514 billion, found that 43.5 per cent of all stock (товаров) that went missing (исчезли) was stolen by opportunistic thieves and organised gangs, but employee theft (хищение сотрудниками) was on the rise (на подъеме/растет). Britain is behind only the Irish Republic in Western Europe for the most dishonest (нечестный) staff.
to maintain high standard of living – поддержать/удержать высокий уровень жизни
to rise sharply – резко возрасти
to increase by 20% - возрасти на 20%
to be on the rise – расти
to go missing – исчезать
employee theft – хищение сотрудниками
Middle-class shoppers who have been hit by the recession (по которым ударил финансовый кризис) are stealing hundreds of millions of pounds of expensive food in an effort to maintain their high standard of living (в попытке поддержать высокий уровень жизни), according to a new survey (по данным нового исследования).
Quality cuts of meat, fresh fish and high-priced cheeses are being taken by mostly middle-class women from speciality food (деликатесные продукты) and convenience shops, where thefts (кражи) have risen sharply (резко) in the past year. Thousands of retailers have found that luxury foods are being stolen for individual use rather than to be sold on (для личного использования, а не для перепродажи).
The information comes from more than 42,000 shops in Europe with combined sales (общим объемом продаж) of £262 billion, who were questioned (которые были опрошены) by the Centre for Retail Research, an independent organisation.
They found that shoplifting (магазинные кражи) in Britain has increased in the past year by nearly 20 per cent to almost £5 billion, £750 million more than in 2008, keeping Britain at the top of Europe’s shoplifting table (рейтинг по количеству магазинных краж). Clothing and fashion accessory shops were hardest hit, with branded designer goods high on thieves’ shopping lists (причем дизайнерская одежда возглавляет воровской список), closely followed by DIY stores (магазины «сделай сам»).
Neil Matthews, vice-president of Checkpoint Systems, said that he was astonished (поражен) at the rise of middle-class shoplifters. “We are not simply looking at your traditional shoplifters here. We are seeing more instances (случаев) of amateur thieves (воров-любителей) stealing goods for their own personal use rather than ( а не) to sell on than before,” he said.
“This is epitomised (это ярко видно) in the recent uprising (рост/подъем) of the middle-class shoplifter, someone who has turned to theft to sustain their standard of living (тех, кто прибегает к краже для поддержания уровня жизни). I suppose people want to carry on with their lifestyle (хотят продолжать свой образ жизни) but cannot afford (позволить себе) the expensive cheeses, fresh cuts of meat or nice fish that they used to be able to afford (которые они раньше могли себе позволить) and now they just take it. This is the first year we have seen a huge rise (огромное увеличение) in theft of these items (товаров) and we are being told it is for their own consumption (собственного потребления) rather than to sell on.”
He added: “The UK’s retail industry has seen its largest ever increase in shoplifting over the last 12 months, and it comes at a time when the industry can least afford it.” (розничная торговля столкнулась с самым резким за 12 месяцев ростом магазинных краж, и произошло это, когда этот сектор меньше всего может себе это позволить)
The report, which surveyed (в котором исследовано) more than 1,000 retailers worldwide with sales of £514 billion, found that 43.5 per cent of all stock (товаров) that went missing (исчезли) was stolen by opportunistic thieves and organised gangs, but employee theft (хищение сотрудниками) was on the rise (на подъеме/растет). Britain is behind only the Irish Republic in Western Europe for the most dishonest (нечестный) staff.
to maintain high standard of living – поддержать/удержать высокий уровень жизни
to rise sharply – резко возрасти
to increase by 20% - возрасти на 20%
to be on the rise – расти
to go missing – исчезать
employee theft – хищение сотрудниками
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